Is a 15-year Mortgage a Good Idea?10/31/2019
If you consider the current difference in a 15-year loan is approximately ½% lower, then, yes, it may a good idea. But, if you can't afford the higher payment amortized over half the time of a 30-year, then, no, it may not be a good idea.
It may be good for some people based on their ability to make a higher payment if one of their goals is to build equity in their home faster or to pay it off sooner.
The term of the mortgage is a long-term commitment. You are agreeing to make the specified payment each and every month. If funds are tight one month, they don't allow you to make the 30-year payment one month and go back to the 15-year payment the following month.
An alternative to…